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Asos Learns a Sterling Lesson

Fashion Retailer Issues Second Profit-Warning This Year

By

Renée Schultes

Updated June 5, 2014 3:51 p.m. ET

It bites being British.

Shares in U.K. fashion website Asos slumped more than 30% Thursday after it slashed its full-year pretax profit forecast by a similar amount, its second profit-warning this year. Asos can blame a big part of the downgrade on strength in the British pound, which has hit its competitiveness abroad.